(PUB) Investing 2015

23

October 2015

Morningstar FundInvestor

Data through September 30, 2015 FINRA members: For internal or institutional use only. Neuberger Berman Socially Rspns A

Ticker NRAAX

Yield 1.1%

Total Assets $2,189 mil

Mstar Category Large Growth

Benchmark 1: Russell 1000 Growth TR USD Benchmark 2: S&P 500 TR USD Morningstar Analyst Rating 09-21-15 ´

Investment Style Equity

Historical Profile Return Risk Rating Below Avg Below Avg QQ Below Avg

7 7 7 7 7 7 7 7

25.0

Growth of $10,000

Investment Values of Fund Investment Values of Benchmark 1

20.0

Morningstar Pillars Process

15.0

∞ Positive ∞ Positive ∞ Positive ∞ Positive ∞ Positive

Performance

People Parent

10.0

Performance Quartile (within Category)

& ( ) & * )

Price

History

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 09-15

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ ‰ Á

. . . .

14.22 17.37 16.70 18.34 22.75 21.13 19.84 22.60 -3.09 10.76 37.87 10.31 -6.11 5.89 -5.73 -4.50 4.39 -2.74 -4.57 7.54 -5.20 -5.24 5.48 -3.38 -0.82 0.45 0.74 0.93 1.30 1.10 0.00 22.15 -3.84 9.83 36.58 9.21 -6.11 0.09 0.06 0.13 0.16 0.24 0.25 0.00 0.00 0.00 0.00 2.21 3.60 0.00 1.70 1.21 1.14 1.11 1.09 1.05 1.05 0.11 0.18 0.42 0.61 0.67 0.68 0.78 4 59 91 15 49 86

NAV

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total Return % +/- Bmark 1 +/- Bmark 2 Income Return % Capital Return % Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil Total Rtn % Rank Cat Income $

Pillar Spectrum ∞ Positive

§ Negative

¶ Neutral

. . . .

. . . . .

Performance 09-30-15 1st Qtr 2nd Qtr

. . . . . . . . . . . . . . . .

3rd Qtr

4th Qtr

Total

2011 2012 2013 2014 2015

6.91 -0.65 -17.51 10.60 -3.09 10.48 -6.40 5.27 1.74 10.76 15.05 1.90 7.49 9.41 37.87 0.57 4.20 0.00 5.27 10.31

.

36

41 31

20 81

28 80

35

36

4

130

147

138

Rating and Risk Time Period Load-Adj Return %

Portfolio Analysis 07-31-15 Total Stocks: 37 Share change since 06-30-15

1.56 -1.07 -6.55

— —

Morningstar Rtn vs Cat

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Sector

YTD Ret % % Assets -5.47 5.03 5.75 4.93 -19.45 4.91 16.07 4.89 -0.11 3.99 -3.08 3.88 — 3.66 -2.92 3.63 -7.09 3.63 -3.38 3.56 -14.30 3.52 -17.49 3.40 5.01 3.09 -59.75 3.01 -9.46 2.90 -9.06 2.66 8.14 2.66 -11.34 2.66 -23.60 2.59

Trailing

Total Return%

+/- Bmark 1

+/- Bmark 2

%Rank Cat

Growth of $10,000

T Texas Instruments Inc Y Newell Rubbermaid Inc T American Express Co

Technology Cnsmr Def Finan Svcs Finan Svcs

1 Yr 3 Yr 5 Yr

-6.84 11.05 10.25

3 Mo 6 Mo

-6.55 -1.26 -0.11 -7.55 -2.37 -1.37 -1.16 -4.33 -0.55 13.26 -0.35 0.86 11.57 -2.90 -1.77

49 9,345 76 9,245 76 9,884 36 14,529 74 17,285

-Avg QQ -Avg QQ

-Avg -Avg

1 Yr

Progressive Corp

10 Yr Incept

— — — —

3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

Y Danaher Corp

Industrl Utilities

12.86

Eversource Energy Unilever NV ADR

— — — — — — — — — —

Cnsmr Def Technology Finan Svcs

Other Measures

Standard Index

Best Fit Index

Intuit Inc

Alpha

0.9

0.9

U.S. Bancorp

Beta

0.99

0.98

Tax Analysis

Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

Becton Dickinson & Co

Hlth Care

R-Squared

89

91

3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated)

8.42 8.63

77 89

2.36 1.47

77 76

T W W Grainger Inc Schlumberger Ltd

Industrl Energy

Standard Deviation

10.27 13.26

— — — —

Mean

TJX Companies Inc

Cnsmr Cyc Cnsmr Def

Sharpe Ratio

1.26

T Keurig Green Mountain Inc Alliance Data Systems Cor

Potential Capital Gain Exposure: 12% of assets

Industrl

Morningstar's Take by David Kathman, CFA 09-21-15 On Sept. 10, 2015, Neuberger Berman announced that Arthur Moretti, lead manager of Neuberger Berman Socially Responsive since 2001 and Neuberger Berman Guardian NGUAX since 2002, will retire in February 2016. Moretti will turn over Neuberger Berman Guardian to firm veteran Charles Kantor in October 2015, but he will continue to manage this fund until his retirement, after which his three comanagers (Ingrid Dyott, Sajjad Ladiwala, and Mamundi Subhas) will continue to run it in thesamestyle.Thatcontinuity iscomfortingandthethree have plenty of experience, but Moretti’s retirement is enough of a loss that we’re downgrading the fund’s Morningstar Analyst Rating to Bronze from Silver. Themanagersmaintaina fairlyconcentratedportfolio of 30 to 40 stocks, focusing on industry leaders with good growth potential but reasonable price tags, preferably those with estimated upside potential of 15%-25% over the next three to five years. They tend to avoid stocks that earn significant revenue from alcohol, tobacco, weapons, nuclear power, or gambling, and they favor

Abbott Laboratories

Hlth Care Finan Svcs

Intercontinental Exchange Robert Half International

environmental, social, and governance, or ESG, factors to be good investment criteria in any case, so this fund’s portfolio has always been very similar to that of Neuberger Berman Guardian, which lacks explicit ESG screening. This fund has an excellent record under Moretti, ranking in or near the top decile of the large-growth Morningstar Category as well as its prior large-blend peer group over his tenure. Its returns don’t look quite as good sinceDyottandLadiwalawerenamedcomanagers in late 2003, because they don't include the great relative returns of 2001, 2002, and 2003; however, they’re still solid, especially relative to the large-blend Morningstar Category. The fund will continue to be in good hands under an experienced team after Moretti is gone, and there's no need for shareholders to be too concerned. But the loss of his experience and track record makes us somewhat less confident in the fund's prospects, resulting in the Bronze rating.

Industrl

T BorgWarner Inc

Cnsmr Cyc

Y State Str Instl Invt Tr T

—

— 2.58

Current Investment Style

Sector Weightings h Cyclical r BasicMat t CnsmrCyc y FinanSvcs u Real Est j Sensitive i CommSrvs o Energy p Industrl a Technlgy k Defensive s CnsmrDef d Hlthcare f Utilities

% of Stocks

Rel Bmark 1

Market Cap % Giant 16.7 Large 52.1 Mid 25.4 Small 5.8 Micro 0.0 Avg $mil: 26,983

Value Blend Growth

Large Mid Small

31.22 1.06 0.00 0.00 10.52 0.55 20.70 4.00 0.00 0.00 43.39 1.03 1.50 0.29 8.18 12.03 20.11 1.58 13.60 0.57 25.38 0.90 11.91 1.11 9.49 0.54 3.98 79.60

Value Measures

Rel Category

Price/Earnings 21.31

0.94 0.83 0.89 0.82 1.38 0.80 0.99 0.58 0.68 0.70

Price/Book Price/Sales

3.19 2.08

Price/Cash Flow 11.25 Dividend Yield % 1.69

Growth Measures

% Rel Category

firms with good community, environmental, and workplace records. The managers consider such

Long-Term Erngs 10.41

Book Value

9.31 4.96 7.85

Composition - Net

Sales

Cash 2.6 Stocks 97.4 Bonds 0.0 Other 0.0 Foreign 10.2 (% of Stock)

Address:

Neuberger Berman Equity Funds New York, NY 10158-0006

Minimum Purchase: Min Auto Inv Plan:

$1000 $1000 5.75%L

Add: $100 IRA: $1000

Cash Flow

Add: $100

Historical Erngs 8.90

877-628-2583 www.nb.com

Sales Fees:

Web Address:

Management Fee:

0.55% mx./0.40% mn., 0.26%A

Profitability

%

Inception:

05-27-09

Actual Fees:

Mgt:0.73% Dist:0.25%

Return on Equity Return on Assets

21.72

Advisor:

Neuberger Berman Management LLC

Expense Projections: Income Distribution:

3Yr:$893 5Yr:$1126 10Yr:$1795

8.10

Subadvisor:

Neuberger Berman LLC

Annually

Net Margin

12.26

A

ß ® Mutual Funds

©2015Morningstar, Inc.All rights reserved. The information herein is not represented orwarranted to be accurate, complete or timely. Past performance is no guarantee of future results.Access updated reports at www.morningstar.com . To order reprints, call 312-696-6100.